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AUDIO KING CORPORATION REPORTS RECORD FOURTH QUARTER AND YEAR-END RESULTS

 MINNEAPOLIS, Aug. 31 /PRNewswire/ -- Audio King Corporation (NASDAQ: AUDK) today reported record sales and earnings results for its fourth quarter and year ended June 30, 1993.
 Sales for the quarter and year were up 13.1 percent and 17.4 percent, respectively, versus the same periods last year. Net income for the quarter increased to $43,945 ($.02 per share) versus a loss of $47,685 ($.02 per share) in the same period last year. Net income for the year increased by 84.3 percent to $381,666 ($.14 per share) from $207,105 ($.09 per share) for fiscal 1992.
 Sales for the quarter were $7,976,308; cost of goods sold was $4,763,480; gross profit was $3,212,828 and net income was $43,945.
 Sales for the year were $34,313,825; cost of goods sold was $21,312,201; gross profit was $13,001,624; and net income was $381,666.
 "Our fourth quarter and year-end sales and earnings showed continuing improvement as a result of our 'promoting specialist' marketing plan. We have completed the remodeling and expansion of six of our nine stores, and we will complete the move and expansion of the seventh, our Brooklyn Center store, by Nov. 1, 1993. We are encouraged by the improved results we are realizing from our plans," said Gary Thorne, president and chief executif?icer.
 Audio King Corporation is a holding company which operates specialty consumer electronics stores through its operating subsidiary, Audio King, Inc. Audio King operates eight stores in Minnesota and one in South Dakota.
 AUDIO KING CORPORATION AND SUBSIDIARY
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited)
 Three Months Ended Year Ended
 6/30/93 6/30/92 6/30/93 6/30/92
 Net sales $7,976,308 $7,054,608 $34,313,825 $29,239,500
 Cost of merchandise
 sold 4,763,480 4,323,444 21,312,201 18,114,580
 Gross profit 3,212,828 2,731,164 13,001,624 11,124,920
 Selling, general and
 administrative
 expenses 3,094,732 2,780,925 12,155,370 10,566,298
 Operating income (loss) 118,096 (49,761) 846,254 558,622
 Interest expense, net 36,151 37,388 151,588 182,517
 Income before income
 taxes 81,945 (87,149) 694,666 376,105
 Provision for income
 taxes 38,000 (39,464) 313,000 169,000
 Net income (loss) $43,945 $(47,685) $381,666 $207,105
 Earnings per common and
 common stock equivalent
 share:
 Primary $.02 $(.02) $.14 $.09
 Fully diluted $.02 $(.02) $.14 $.09
 Common and common stock
 equivalent shares
 outstanding
 Primary 2,717,083 2,625,514 2,745,798 2,209,547
 Fully diluted 2,729,016 2,625,514 2,757,730 2,209,547
 -0- 8/31/93
 /CONTACT: Gary Thorne, president and chief executive officer, or Randel Carlock, chairman, both of Audio King, 612-920-0505/
 (AUDK)


CO: Audio King Corporation ST: Minnesota IN: REA SU: ERN

KH-DB -- MN004 -- 7445 08/31/93 11:03 EDT
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Publication:PR Newswire
Date:Aug 31, 1993
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